The funding will be used to deploy 1,000 electric buses across East Africa over the next three years and expand BasiGo’s operations into new markets and vehicle types.
BasiGo has raised $42 million in new funding. This includes $24 million from a Series A equity funding round led by African50 and $17.5 million in debt from British International Investment (BII) and the US Development Finance Corporation (DFC).
The funding will be used to deploy 1,000 electric buses across East Africa over the next three years and expand BasiGo’s operations into new markets and vehicle types. The Series A equity funding was supported by notable investors including Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation. The funding frees up a $10 million debt facility from DFC for BasiGo Kenya and an additional $7.5 million from BII earmarked for the expansion of electric bus operations in Rwanda.
“Since founding BasiGo in 2021, our mission has been to create the future of clean electric public transport in Africa. We are very happy to see the potential recognized,” said Jit Bhattacharya, CEO of BasiGo. “This investment validates our business model and allows BasiGo to focus on scale and profitability.”
The capital will not only fast-track the introduction of electric buses, but will also improve the infrastructure behind them, including Kenyan car manufacturer BasiGo’s e-bus assembly line. Additionally, the fund will enhance Pay-As-You-Drive services, making electric vehicles more affordable and accessible to local transit operators.
“We believe BasiGo is well-positioned to scale in East Africa and beyond.As the largest investment ever by an African fund in an e-mobility company, we We are proud to support innovations that drive green growth and development in the region.” Raza Hasnani, Africa50’s Managing Director and Head of Infrastructure Investment, said:
Steve Beck, Managing Partner at Novastar Ventures, commented: “As an early investor in BasiGo, we are extremely proud of the team’s continued progress towards transforming Africa’s public bus transport sector, delivering an improved experience and real environmental benefits for commuters. This latest funding round reflects investors’ strong commitment to BasiGo’s business model, value proposition and customer demand as it expands and leads in sustainable transportation in Africa. It proves trust.”
BasiGo’s journey is not limited to Kenya. The company entered Rwanda in 2023 and is operating six trial electric buses on Kigali and intercity routes. With more than 300 units reserved by bus operators in Rwanda, the $7.5 million debt facility from BII will facilitate commercial deliveries and further boost Rwanda’s public transport system.
BII’s Seema Dhanani said this is an important step in electrifying the local public transport sector, reducing pollution and combating the effects of climate change, which is a priority for BII and BasiGo’s mission towards green mobility. It was recognized that the
